How to Make Money Trading Cryptocurrencies in P2P Marketplaces
For many people it’s actually easier to make money in a P2P exchange than it is to make money in a broker-type exchange. The first reason for this is simple: No brokerage fees.
When using traditional exchanges, you pay a fee in the form of a percentage of your transaction. This fee goes to the exchange, and it’s basically charged for the task of matching your order with somebody else’s and automating the transaction. In P2P exchanges this process doesn’t happen, so the commission goes down to zero, or near-zero, depending on the platform you’re using.
These lower commissions allow people to effectively keep more of the money they obtain trading crypto, making it more profitable. On top of that, there are a few tactics commonly used when trying to profit from P2P trades. Some of these are:
Setting your own price for a small profit
AKA buy low, sell high. Buy the lowest-priced sell orders, then sell at the higher amount that would still move. A form of margin trading, unlikely to net you high profits, but still possible. Alternately, sitting on crypto for a few days or weeks as they gain value and selling them then also works, as long as you know when to buy and sell.
If you’re not looking for instant profit, you can also set up a shop of sorts, handling many buy and sell orders at the same time. While it might sound pointless, there’s a reason to do this, and it’s the same one people work as ebay powersellers: Reputation. Every positive experience you have with another user will add to your reputation on the P2P exchange. After a while, it’ll add up to an overwhelmingly positive reputation.
Now, reputation might seem worthless, but in sites like these it’s worth gold. Having good reputation will let people know you’re trustable and not likely to scam them. Many small or one-time traders will gladly pay more for tokens or sell them for less than somebody else would pay in exchange for the guarantee a good reputation brings.
Move tokens among exchanges
More or less the same as above, but with a twist: You don’t just stay on a single exchange. With P2P exchanges being separate, prices are likely to differ among them – often a little, but at times much more. You can take advantage of this and buy where prices are lower, then sell where prices are higher, netting a profit.
While this technique isn’t impossible in traditional exchanges, it’s much more difficult thanks to transaction, deposit, and withdrawal fees. P2P exchanges eschew them all, so this method actually becomes potentially profitable.
Payment methods are the bane of online purchases, if only because many sites will only accept a handful of very common ones, with some methods being completely ignored. This is only worse in the crypto scene, where bank transactions rule above them all and finding an exchange that will take credit/debit cards or PayPal without outrageous fees is extremely difficult.
On multiple-use platforms like BoliesTV. You can use your crypto to play live games, go head-to-head with another competitor, simply wager on tournaments or transfer value to loved ones and friends. You will find that your crypto is not just about conversion to fiat on an interactive platform and community like BoliesTV.
This is particularly viable if you extend into international markets and do some research into how to accept or work with less popular payment methods. You can head to WhiteBit platform to exchange your BOLC for other crypto if the need arises without losing value.